US oil hits $100 first time in three months
U.S. oil prices (West Texas Intermediate crude) rose above $100 per barrel for the first time since late May, gaining approximately 5% on Thursday’s trading session. This increase was driven by escalating fears of energy supply disruptions in the Middle East. The rise comes after Brent crude surpassed the $100 mark, amid a decline in shipping activity through the Strait of Hormuz, where the number of passing ships has halved compared to previous averages. This reflects a reduction in lost oil exports due to the war with Iran and supply disruptions, estimated at around 10 million barrels per day, or roughly 10% of global demand. The rising prices are adding to worldwide inflationary pressures, with global oil inventories decreasing by approximately 400 million barrels since the start of 2026, amid expectations that Middle Eastern export restrictions will continue until the end of the year.
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